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From YouTube: Keynote Panel: Open Source Investments
Description
Keynote Panel: Open Source Investments - Jocelyn Goldfein, Zetta Venture Partners; Jake Flomenberg, Accel; Erica Brescia, Bitnami; Gary Little, Canvas Ventures; Sirish Raghuram, Platform9; Idit Levine, solo.io; Rashmi Gopinath, Microsoft VenturesÂ
About Erica Brescia
Erica Brescia is the co-founder and COO of Bitnami. With over 1 million deployments per month, Bitnami provides the largest source of applications and development environments to the world’s leading cloud service providers, such as Amazon AWS, Microsoft Azure, Google Cloud Platform, and Oracle Cloud Platform. In 2016, Erica was the recipient of the Top Women in Cloud award. In her free time, Erica serves on the board of directors of the Linux Foundation, and as an investment partner in X Factor Ventures, which empowers female- led business to succeed.
About Jake Flomenberg
Jake Flomenberg joined Accel in 2012 and focuses on next-generation infrastructure, enterprise software, and security investments.
About Jocelyn Goldfein
Jocelyn Goldfein is a widely recognized industry expert on product strategy, infrastructure and organizational scale. Her career as an engineering leader spans from early stage startups to high-growth years at Facebook and VMware.
About Rashmi Gopinath
Rashmi leads enterprise software investments for Microsoft Ventures in the Bay Area. She brings a combination of strong venture capital and startup operating experience. Previously, Rashmi was an Investment Director at Intel Capital focused on investing in cloud, infrastructure, and big data companies. She also led global business development for high-growth startups Couchbase and BlueData. Prior to that, she held business development and product development positions at GE and Oracle. Rashmi has an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University and a Bachelor of Engineering from the University of Mumbai in India.
About Idit Levine
Idit Levine is the founder and CEO of solo.io, where she is aiming to streamline the cloud stack.
Prior to founding solo.io, Idit was the CTO of the cloud management division at EMC and a member of its global CTO Office.
About Gary Little
Gary Little is a founding managing member of Canvas Ventures and has been a partner of Morgenthaler Ventures for 20 years. He focuses on enterprise infrastructure and application investments. Gary has twice been named to Forbes Midas List.
About Sirish Raghuram
Sirish is co-founder and chief executive officer at Platform9. Having experienced virtualization, IaaS and cloud-native industry transitions first hand, Sirish believes that open-source represents the future of enterprise hybrid clouds.
A
All
right
we're
gonna,
bring
our
next
panel
up
on
stage
and
I'd
like
you
all
to
come.
This
is
a
huge
group
of
folks,
so
I'm
gonna
have
them
all
come
up
and
introduce
themselves
because
it
would
be
a
ten
minute
monologue
if
I
do
it.
So
why
don't?
We
have
I
think
there
they
are
come
on
up
panelists,
so
we're
going
to
talk
about
investment
startups
in
the
open
source
world.
Hey
welcome,
and
you
know
again
on
that
flywheel.
That
I
presented
on
Monday
are
a
Tuesday.
A
We
have
this
open
source
projects
that
beget
commercial
products
and
services
that
beget
value
and
profit
that
provide
for
a
reinvestment
back
into
the
project.
Better
code,
more
products,
more
features,
more
value,
more
reinvestment,
and
these
folks
are
the
ones
that
are
making
that
happen
in
terms
of
making
investment
decisions
in
terms
of
being
entrepreneurs
and
so
forth.
So
I'm
going
to
start
at
that
end
and
if
you
could
each
introduce
yourselves
quickly
in
hi.
B
Folks,
my
name
is
Sarah
Graham
and
co-founder
and
CEO
at
platform,
9
platform,
9,
I,
hope,
you're.
Listening
to
what
subbu
just
said
in
the
previous
panel
running
open
source
at
scale
is
hard.
That's
the
problem
platform
line
stalls.
We
deliver
open
source
cloud
frameworks
as
a
service,
so
the
idea
is
you
get
the
time
to
value
and
simplicity
of
operations
of
the
cloud,
but
while
using
pure-play
open
source
frameworks
like
OpenStack
communities
and
phishing
for
service
hi.
C
My
name
is
Gary
little
I'm
with
co-founder
of
canvas
ventures,
I've
been
in
venture
for
about
20
years
with
Morgenthaler
ventures
and
now
canvas
we're
series
a
be
over
that
time.
I've
invested
in
for
open
source,
related
companies,
jaspersoft
Mule
soft
Sona
type
in
platform
9
and
have
drawn
some
observations
from
those
investments.
D
My
name
is,
it
is
the
venom,
the
founder
and
CEO
of
salario.
We
just
started,
they
did
with
SOI
or
what
we're
trying
to
do
is
basically
clearing
the
environment
of
monolithic
micro
services
and
service
environment
by
cutting
all
the
infrastructure
for
function
and
basically
assemble
application
that
we're
calling
I
were
up
and
basically
give
a
cohesive
way,
and
we
start
with
just
lunch
and
open
source
it
the
day
before
yesterday.
So
congratulations.
E
Mike,
open
and
I'm
a
partner
with
Microsoft
ventures
for
the
corporate
venturing
for
Microsoft.
We
typically
invest
in
CDs
a
through
C
stage
companies
across
the
board
on
enterprise
software,
so
cloud
infrastructure,
AI
ml,
cyber
security,
DevOps
IOT,
pretty
long
list
I
have
invested
in
MongoDB
when
I
was
at
Intel
capital.
Prior
to
this
was
also
partly
associated
with
a
cloud
era:
investment
that
in
Tilted
worked
for
an
open-source
start
up
at
Couchbase
and
have
invested
in
one
open
source.
Networking
company
at
microsoft
so
have
some
familiarity
with
the
space
as
well.
Terrific.
F
G
Everyone,
my
name,
is
Jake
Fullman,
Berg
I'm,
a
partner
at
Excel
Excel
is
a
global
venture
capital
firm
that
does
a
little
bit
of
everything
in
consumer
and
enterprise
from
seed
through
growth.
We've
done
over
a
dozen
open
source.
Investments
over
the
years
and
I
also
worked
at
cloud
in
the
very
early
days.
I'm.
H
Erica
Brescia
I'm,
the
co-founder
and
CEO
of
a
company
called
bitNami
that
is
mostly
known
for
delivering
a
catalogue
of
over
150
open-source
apps
on
all
the
major
cloud
platforms,
we're
also
very
active
in
the
open
source
community
and
kubernetes
in
particular,
I've
been
in
and
around
open
source
since
2005
I'm,
also
an
investment
partner
with
x-factor
ventures,
which
is
a
seed
fund
that
is
investing
in
companies
with
at
least
one
female
founder
that
is
spun
out.
A
flybridge
and
I
have
the
honor
of
serving
as
an
at-large
director
on
the
Linux
Foundation
board.
A
H
H
A
A
You
know
we
talked
Tuesday
about
how
it
was
all
about
commoditizing
markets,
and
you
know
I
think
that
over
a
long
period
of
time,
what
you
would
hear
is
like
how
can
there
ever
be
another
Red
Hat
and
are
we
naturally
capping
the
size
of
these
firms
based
on
you
know,
just
taking
a
big
market
making
it
smaller
in
that
Tam
is
all
we're
gonna
get.
How
has
the
investment
thesis
around
open
source
startups
in
your
experience
over
time
changed?
E
So
we've
seen
it
go
a
little
bit,
I
would
say
in
a
wave
pattern,
so
I
would
say
back
in
2010
2011.
There
was
definitely
a
lot
of
appetite
for
investments
which
kind
of
dipped
a
little
bit.
I
would
say
in
2015
2016,
and
then
we
saw
things
coming
back
again
at
I
mean
at
least
from
the
the
investors
and
folks
that
I
work
with
there's
definitely
a
lot
of
interest
in
evaluating
and
investing
in
open
source
startups.
E
E
Cloudera
all
went
IPO
recently
and
they're
doing
pretty
well
so
far
on
the
public
market,
core
OS
got
bought
by
Red
Hat
at
a
pretty
good,
multiple
for
the
company,
and
so
we're
definitely
seeing
these
exits
as
signs
that
there
is
good
appetite
for
the
acquirers,
as
well
as
for
the
public
markets
depending
on
I
mean
the
value
proposition
that
these
companies
have
and
what
they
have
to
offer.
Even
in
terms
of
the
investment
activity,
the
fear
of
ketamine
recent
investments
by
Redis
or
data
breaks.
F
You
know
I
feel
like
just
as
in
the
Red
Hat
days.
There
was
this
idea
that
I
mean
I
think
these
days
are
always
concerned
with
monetization
and
how
you're
gonna
monetize
something
that
that
fundamentally
is
free
and
I.
Think
that
you
know
sort
of
Red
Hat
was
the
only
one
who
seemed
to
seriously
make
a
go
of
well,
the
software
is
free,
but
will
sell
support
and
then
I
think
the
cloud
came
along,
and
there
was
this
idea
of
okay.
F
Maybe
hosting
is
an
alternative
path,
the
software's
free,
but
will
host
it
and
make
money
that
way
and
I
think
we
also
have
yet
to
see
really
big
successes.
Come
there,
but
I
think
where
we
have
seen
big
successes
all,
but
certainly
Rashmi
named
a
bunch
of
good
ones.
But
when
all
point
to
is
github,
where.
C
F
Killing
it
on
the
monetization
side,
telling
an
enterprise
product
with
an
enterprise
feature
set
with
a
free
open-source
version
that
does
not
in
the
least
feel
artificially
crippled
or
constrained
by
its
user
base,
and
so
I.
Think
to
me,
the
github
model
is
the
really
exciting
inspiring
one
which
is:
can
you
identify
a
proprietary
business
model
on
top
of
the
foundation?
That's
free
and
open
source
and
not
that's
not
crippled
where
yeah.
C
Sure
so
I
think
your
your
your
question
is
how's.
It
how's
the
investors,
view
changed
over
time
right
and
I
mention
I
made
for
open
source
related
investments,
and
two
of
those
that
have
exited
I
think
are
good
point
counter
points.
First,
one
2002
was
was
jaspersoft.
It
got
acquired
ten
years
later.
Actually
2004
we
acquired
jasperreports
it
ten
years
later
was
sold
to
TIBCO
for
185
million
dollars.
The
second
one
was
2006
again,
two
founders
backed
them
and
eleven
years
later,
IPO,
and
that
company
has
a
market
cap
of
about
four
now
billion.
C
Now
both
had
great
teams
both
had
really
good
investors,
multiple
rounds,
and
so
what
made
them
different
I
think
we
got
into
both
of
those
investments.
Thinking
hey
with
open
source.
We
can
provide
80%
of
the
functionality
for
20%
of
the
price.
Take
a
ten
billion
dollar
total
market,
cram
it
down
to
three
billion
and
be
in
win.
The
lion's
share
of
it.
I
mean
that
was
kind
of
the
open
source
right
thought
there.
Martin
mikoshi
say
that
about
my
sequel
for
the
early
based
market,
I
think
what
we
found
was.
C
You
know
the
people
who
love
open
source
or
developers,
developers
don't
have
money,
and
if
they
have
money,
they
don't
want
to
spend
it,
but
open
source
is
great
for
basically,
you
know
being
distributed
in
viral
growth
within
the
developer
community.
What
makes
a
better
business
model
and
github
is
a
good
example
is
when
you're
actually,
even
though
you're
getting
developer,
adoption
you're,
actually
monetizing
at
a
different
layer.
So
in
the
case
of
jaspersoft,
its
market
was
selling
to
developers
and
their
number
one
competitor.
They
became
the
most
widely
used
reporting
solution.
C
Their
number
one
competitor
was
indeed
the
free
free
version.
It
was
good
enough
and,
and
so
that
limited
this
opportunity,
no
soft,
which
was
an
enterprise
service
bus,
touched
thousands
of
servers.
Thousands
applications,
there's
really
no
way.
You'd
go
live
without
having
a
relationship
with
the
company
in
not
only
a
relationship
with
service.
You
better
have
the
bells
and
whistles
with
the
management
console
and
the
reporting
and
and
everything
that
goes
into.
C
So
the
value
is
monetized
at
the
IT
obscene
right
and
that
layer,
and
they
would
pay
good
money
to
keep
those
companies
up
and
going
and
have
visibility
when
there
was
a
problem
that
kind
of
got
him
from.
Maybe
the
18k
up
to
the
six-figure
deals
but
still
six-figure
deal
what
got
them
into
the
seven-figure
an
eight-figure
per
year.
Deals
was
when
they
actually
got
up
to
the
c-suite,
and
so
it
went
from
operational
at
the
IT
ops
level
to
strategic,
and
then
they
were
selling
digital
transformation
and
agility
of
changing
business
models.
C
That's
when
they
got
up
to
seven
figure
and
they
announced
they
have
at
the
last
earnings
announcement,
45
customers
paying
them
a
million
dollars
per
year
or
more
so
now
that's
been
my
lessons.
I
think
open
source
as
a
business
model
great
for
adoption,
really
poor
for
monetization
unless
you're
monetizing
at
different
levels,
yeah.
A
A
This
concept
of
you
know
projects
and
then
the
transition
to
getting
customer
requirements.
Privatization
and
looked
at
like
the
balance
sheets
across
pretty
wide
portfolio
that
you
have
like
share
some
of
the
insights
that
you
see
that
you
know
you're
looking
for
in
these
firms
in
terms
of
where
efficiencies
game,
your
like
what
does
open
source,
sir.
G
You
know
so
I'd
make
one
one
passing
comment
and
and
I
sort
of
think
success
in
a
sense
will
be
when
we
stop
talking
about
open
source
business
model
like
what
it
like.
We
don't
talk
about
that.
A
private
airy
business
model
like
what
is
open
source
open
source
is
a
development
model,
and
and-
and
so
we
we
lump
so
many
things
into
this
bucket,
and
it
may
be
just
a
few
data
points.
G
It
back
before
shortcut
to
2005,
there's
two
to
three
hundred
million
dollars
go
of,
like
private
venture
capital
going
in
into
open
source
companies.
If
you
look
past
past
four
or
five
years
over
a
billion,
pretty
steady
steadily,
you
could
argue
that
maybe
there's
a
dip,
but
it's
just
a
couple
of
these
mega
pre
IPO
rounds
that
sort
of
skew
things
you've
gone
from
two
to
three
publicly
traded.
Open-Source
company
is
to
steady
cadence,
depending
on
where
you
draw
the
line
of
what
is
an
actual
open
source
company
sure
entering
the
the
IPO
pipeline.
G
Why
wouldn't
and
I
think
that's
a
fundamental
change
over
the
past
decade?
In
terms
of
the
way
we
look
at
these
startups,
we
break
it
into
what
we
call
this
3p
framework
project,
product
profit
and
and
simply
what
that
means
is,
if
you
can't
build
a
project
that
people
care
about
in
a
truly
meaningful
way
and
deploy
in
a
mission-critical
use
case.
Who
cares
right
like
just
like
it's
not
relevant
to
us
and
there's
lots
of
wonderful,
open
source?
G
Where
that,
where
the
goal
is
not
necessarily
that,
but
if
you
can
deploy
in
a
you
know
a
big,
meaningful
mission-critical
way,
you
sort
of
achieve
that
that
first
milestone
and
then
the
next
question
becomes
like
what's
the
product,
what
are
the
balance
of
what's
free?
What's
the
balance
of?
What's
not
there's
some
things
that
are
really
simple
on
the
security
and
maybe
authentication
side
where
there's
never
been
a
case
in
the
world
where
you
that
out
to
the
open-source
community
and
someone
raises
their
hand
and
say:
hey
I'd,
love
to
build
that
on
average.
E
G
G
A
Want
to
ask
you
one
question
then
move
on
to
the
entrepreneurs
here,
because
you
know
you
mentioned
about.
You
know
where
it's
sort
of
the
norm.
You
just
look
at
it
as
a
company.
Open-Source
is
sort
of
the
norm
at
this
point,
but
these
efficiencies
around
marketing
and
calling
through
the
big
amount
of
interest
that
will
come
in
through
an
open
source
project
that
sort
of
goes
viral.
Are
you
seeing
that
reflected
in
the
actual
balance
sheets
like
the
entrepreneurs
are
listening
here?
A
G
If
I
had
to
say
I
would
I
would
almost
argue
that
our
R&D
is
a
little
higher
and
marketing
is
a
little
lower
on
most
open
source
companies
compared
to
our
traditional
enterprise.
There's
sometimes
there
are
economies
of
having
a
big
community
participate,
sometimes
there's
governance
challenges.
Sometimes
things
are
harder
harder
to
move
forward,
but
you
know
you
go
from
this,
there's
a
huge
difference
in
qualification
from
someone
that
has
never
heard
of
your
product.
G
So
someone
that's
using
it
and
we
sort
of
call
this
tack
who,
like
what's
your
total
addressable
community
and
like
what's
the
process
of
converting.
You
know
that
active
community
member
into
a
paid
customer
and
if
that
activation
energy
isn't
actually
cheaper
than
a
traditional
sales
cycle
by
some
margin,
you've
broken
something
yeah.
G
Think
it
you
know,
I
would
call
it
in
the
early
days
aspirational.
But
when
you
get
to
scale
when
you're
on
that,
half
from
you
know,
20
million
air
are
up
to
what
it
takes
to
become
public.
You
absolutely
have
to
measure
it,
and,
and
in
it's
so
you
know,
these
big
deals
can
can
change
the
dynamics.
H
I
think
I
just
had
this
conversation
with
a
successful
open
source
founder
who
exited
who
I
won't
name,
because
he
didn't
give
me
permission,
but
we
were
talking
about
they're,
not
gonna,
answer
that
there,
but
he
just
told
me
like
we
suck
at
marketing,
and
so
we
put
our
money
in
an
Rd
and
that's
art.
That's
part
of
our
go-to-market
strategy
and
they
were
literally
looking
at
this
trade-off
like
we're
not
going
to
invest
in
marketing.
H
A
Is
in
the
marketing
which
I
think
it
is
super
interesting
I
want
to
go
to
the
entrepreneurs
now,
because
one
thing
that
I
do
think
in
addition
to
marketing
efficiency.
That
I
want
to
ask
you
all
about.
Just
in
your
fundraising
experience
and
in
a
prior
life,
I
did
rounds
of
fundraising
and
pitched
a
lot
of
venture
firms
in
the
valley
is
the
open
source
component
of
your
business,
with
the
fact
that
you
can
hang
your
hat
on
being
an
open
sourcing.
A
A
B
H
Like
I
I
do
expect,
like
Jake
said
and
I
think
maybe
Jocelyn
mentioned,
like
almost
every
company,
has
some
aspect
of
open
source
in
their
strategy,
at
least
in
the
software
space.
Now
like
there's,
there's
they're,
either
using
or
building
around
open
source
like
look
at
the
kubernetes
ecosystem,
for
example,
where
companies
are
investing
heavily
there
and
then
building
products
around
it
and
networking
in.
F
A
F
A
A
B
Think
that
fundraising
is
like
a
sale
and
as
a
sales
person,
the
CEOs,
essentially
the
entrepreneurs
essentially
trying
to
make
a
sale
and
I
think
as
a
salesperson.
You
want
to
control
every
aspect
of
the
conversation
and
the
whole
open-source
thing
can
really
get
in
the
way
of
that
we
didn't
start
the
company
by
the
way.
I
this
platform
line
thing
is
my
first
thing
with
open
stores.
It's
my
first
and
last
startup
I,
don't
think
we
were
I
was
a
gamer
with
Jocelyn.
She
was
a
lowly
engineer.
B
She
was
a
big
shot,
so
she
doesn't
know
me
from
that.
But
the
thing
is
like
we
didn't.
We
didn't
come
from
an
open-source
background.
We
we
wanted
to
make
clouds
easier
to
run
and
when
we
started
with
that,
we
said
why
would
we
go
and
retool
all
the
stuff
that
OpenStack
has
done
and
all
the
stuff
that
containers
are
gonna
do
so
we
said
that
makes
no
sense.
We
want
to
solve
the
core
operational
challenge.
B
The
challenge
that
subbu
talked
about
earlier,
which
is
operating
clouds,
is
hard
and
it
doesn't
matter
where
they
use
closed
source
or
open
source.
That
operational
challenges,
what
we
do
as
a
company
and
so
I
think
you
know
it
was
really
interesting
for
me,
there
was
this
project
OpenStack
that
everybody
boot
likes
to
believe
is
dead,
except
that
everybody's
running
VMs
everywhere.
You
look
right
and
I.
B
B
So
my
point
is
that,
like
I
think
it
gets
in
the
way
you
know
you
at
least
my
perspective
is
our
value
proposition.
Yes,
open
source
is
a
core
part
of
a
value
proposition
proposition
to
the
customer,
but
from
a
financing
perspective
you
know,
timing
is
everything
and
there's
wind
blowing.
You
know,
there's
a
crosswind
on
OpenStack
there's
a
tailwind
on
kubernetes
serverless
is
white-hot.
Who
wants
that?
Well.
A
G
A
H
A
C
A
D
D
A
D
I
know
so
that's
that
I
mean
there
is
an
idea.
First
of
all
that
wasn't
like
what
I'm
doing
right
now
is
not
my
first
project
there
was
a
CEO,
a
city
or
any
EMC
cloud
management
division.
We
open-source
a
project
that
was
relatively
successful
right
and
then,
when
I
started
this
company.
For
my
opinion
this
is
to
be
fair.
The
only
way
and
I
will
explain
what
I
mean
I
mean.
There's
a
lot
of
good
engineers
out
there
a
lot
but
I
believe
that
there's
not
a
lot
of
innovate.
D
D
So
for
me,
once
I'm
already
saying
that
I
be
here's,
what
I'm
going
to
do
if
I'm
not
going
to
open
source,
it's
someone
else
will
go
and
do
and
guess
what
it
would
be
more
popular
than
me
so
I
don't
think
that
I
have
a
choice
and
and
not
like
other.
We
think
that
the
way
to
make
money
from
their
opening
opinion
is
actually
to
make
up.
You
know
money
to
me,
you
know,
I,
don't
know
services,
so
we
will
not
open
source.
D
Everything
I
actually
think
that
the
way
to
be
better,
it's
just
innovate
constantly.
If
you're
looking
at
a
company
like
Apple,
for
instance,
there
was
like
just
before
the
fire
and
they
let
Steve
Jobs
go.
Basically.
The
fight
there
inside
was
that
Steve
job
was
constantly
wanted
to
continue
innovative
idea.
I
wanted
to
do
the
Apple
too
right
so
I
believe
in
steam.
D
Right
I
really
mean
is
way
and
I
think
that
what
I'm
planning
to
do
there
is
just
a
we
just
open-source
a
project
we
already
has
six
months
ahead
of
it
right
and
basically,
what
we
continue
going
to
do
is
we're
going
to
continue
putting
innovation
on.
We
want
to
leave
this
market.
We
don't
want
to.
You
know
we
want
to
come
with
the
idea
and
with
the
direction
and
I
believe
that
we'll
see
what
what
happened
to
me.
A
I
I
love
the
way
you
describe
that
because
you
know
I
always
talk
from
from
the
the
source
project
side
as
hey
these
projects
are
simply
raising
the
innovation
right.
Like
you
know,
this
is
stuff,
that's
sort
of
continually
pushing
things
commodity,
but
to
to
essentially
monetize
you
better
get
high
up
the
bottom
on
the
Investor
side
and
I'm
gonna
come
back
to
you.
What
are
you
seeing
in
terms
of
is
that
innovation
bar
driving,
but
the
more
as
an
investor?
Where
do
you
look
at
the
line
there?
A
F
Yeah
I
mean
I
totally
agree
actually
with
what
you're,
saying
and
I
also
want
to
tie
this
back
to
something
that
Jake
said
earlier,
which
is
that
and
I
think
collectively.
The
panel
said
earlier,
which
is
the
beauty
of
open
source
from
an
investor's
perspective,
is
distribution.
Not
innovation.
Right
is
its
contribution
to
to
marketing
not
to
R&D
and
I.
Wish.
F
I
could
cite
this
quote,
but
it's
I
I,
don't
know
who
said
it,
but
but
it's
so
great
I
have
to
share
the
thought
anyway,
which
is
it's
something
like
look
startups
are
in
a
race
with
big
companies.
Startups
have
innovation,
big
companies
have
distribution
and
you're
in
a
race
to
get
distribution
before
the
big
company
can
get
innovation
right
and
so
I
think
that
in
an
open
source
in
you,
it
gives
you
such
a
leg
up
on
the
distribution
side
that
it's
almost
it's
it's
it's
you
know,
especially
on
the
infrastructure
side.
F
Are
you
giving
something
that
is
like
a
you
know,
a
a
toy
that,
like
maybe,
is
useful
too
and
and
I
think
that
that
if
developers
I
mean
I
just
think
you
know
developers
are
not.
You
know
children
they're,
not
dummies
right
and
if
you
call
something
open-source,
but
it's
really
trivial
and
the
only
way
to
get
the
full
functionality
or
do
anything
outside
of
a
demo
with
it
is,
is
to
is
to
pay.
F
Then
that's
I,
don't
think
going
to
have
the
currency
that
the
you
know
nobody's
going
to
get
wildly
excited
about
contributing
to
that
or
sharing
it
or
building
a
community
around
it.
So
I
think
what's
what's
crucial.
Is
that
you
have
something
that
feels,
for
all
intents
and
purposes,
really
full-featured
really
valuable,
really
nails.
My
problem,
especially
if
I'm
working
on
my
own
or
I'm,
doing
research
or
I'm
doing
something
as
a
hobbyist
and
the
only
time
it
sort
of
feels,
but
but
that
those
enterprise
features.
F
You
know
if
there
was
like
a
clearly
identifiable
set
of
features,
but
it's
just
so
dependent
on
a
project-by-project
basis,
but
the
ones
that
that
find
that
way
to
thread
that
needle
where
it
feels
so
full-featured
for
the
hobbyist
or
the
solo
project,
but
so
essential
to
pay
for
the
Enterprise
Edition.
If
you
want
commercial
scale,
if
you
find
that
I
think
you've
got
it
Erica.
A
You
you,
you
know,
it
seems
like
you,
do
a
lot
of
work
on
making
that
operational
efficiency,
really,
you
know
providing
huge
value.
What
bring
us
into
some
of
the
debates
internally
at
bitNami,
about
like
where
this
line
is
where's,
the
innovation
bar?
What
do
we
you
know?
How
do
you
think
about
that?
It's.
H
I
mean
so,
but
Nami
is
interesting
because
most
of
what
we
do
at
the
core
of
it,
Nami
is
actually
not
open
source
right.
We
build
value
around
open
source
and
the
company
has
bootstraps
itself
to
the
point
we're
at
by
packaging
and
delivering
this
open
source.
It's
kind
of
like
almost
like
the
Red
Hat
model
for
applications
that
we're
more
focused
on
kind
of
hardening
and
delivering
something
that
will
run
out
of
the
box.
H
They
there's
a
lot
of
things
you
could
say
about
docker,
but
they
gave
away
so
much
initially
without
a
clear
business
model
and
I
think
now
the
company
is
starting
to
build
a
business
around
it,
but
it
took
a
lot
longer
than
planned
and
that's
because
I
think
you
need
to
be
very
thoughtful
about
how
much
you
do
open
source
and
once
you
go
open
source,
it's
pretty
hard
to
go
back
and
I
mean
look
at
the
Sugar
CRM
having
to
go
through
that.
It's
not
an
easy
process.
Sure.
A
I
mean
anything
good
I
mean.
Certainly,
there
was
a
lot
of
marketing
efficiency
and
docker,
though
we
will
give
them
full
credit
on
that,
I
mean
that
you
do
a
Google
Trends
to
search
on
docker,
and
it's
absolutely
rush
me
I
want
to
talk
to
you
about
sort
of
the
mindset
of
a
strategic
venture
firm
in
Microsoft.
Are
you
looking
at
specific
technologies
and
then
trying
to
invest
around
that
like
what?
What?
How
do
you
come
up
with
your
investment
thesis,
yeah.
E
That
Microsoft
is
the
number
one
contributor
in
open
source
projects.
We
have
about
12,000
15,000,
open
source,
committers,
there's
24
projects
across
a
variety
of
different
ways,
all
the
way
from
linux,
kernel
to
dotnet
core
to
kubernetes
and
darker,
and
a
variety
of
different
projects
internally.
So
when
we
come
at
our
investment
thesis
and
what
would
be
areas
that
would
be
interesting,
it's
really
anywhere
up
and
down
all
the
way
from
infrastructure
to
databases
to
analytics
to
enterprise
applications.
So
we
look
at
the
entire
stack.
E
What
we're
really
looking
for
our
companies
are
going
back
to
what
Jocelyn
and
Jake
were
saying.
It's
companies
that
can
really
produce
a
differentiated,
offering
it's
not
just
doing
open
source
for
the
sake
of
doing
open
source,
but
what
really
can
drive
a
lot
of
community
engagement
around
it?
What
can
you
build
a
solid
monetization
model
around
it
and,
more
importantly,
how
are
you
going
to
make
sure
that
you
don't
get
killed
by
the
next
AWS
announcement
and
reinvent
saying,
there's
a
surprise.
H
E
Your
your
company
is
just
dead,
so
those
those
would
be
the
three
key
points
and
just
like
any
other
financial
investor,
we
care
about
financial
returns
but
at
the
same
time,
there's
a
lot
of
value
that
we
can
provide
to
these
companies
through
all
of
microsoft
assets
and
the
excitement
that
we
have
internally
for
open
source.
Iii.
E
D
There
is
a
lot
of
company
there's
the
things
that
I
thought.
I
noticed.
One
of
them
is
there's,
there's
own
a
company
or
really
seek
to
be
partnership
with
Amazon
and
I.
Just
don't
get
it
because
they
never
bought
a
companies,
but
they
don't
think
I'm
closer
to
the
companies
and
they're,
basically
killing
them.
So
that's
really
kind
of
like
strength,
strategic
that
I
see
people
doing.
The
second
thing
is
that
I'm,
not
because
what
I'm
offer
is
always
I
would
up
right.
They
will
never
do
that
right.
D
Their
motivation
is
to
stay
in
a
cloud.
I,
don't
care
right,
I
mean
I
want
to
go
to
Microsoft
I
want
to
go
to
Google
I
want
to
do
this
on
from
stuff,
and
they
will
never
will
right.
So
this
is
will
always
be
my
advantage
and
I'm
always
working
on
layer
7
under
stuck,
which
means
that
they
cannot
take
anything
from
you
know
what
I
mean,
so
they
cannot
block
that
right.
A
It's
interesting
you
mentioned,
you
know
how
they
don't
do
at
least
Amazon.
You
don't
see
a
lot
of
M&A
activity,
but
I
want
to
go
to
Gary
and
Jake
here
on.
You
know,
you
expect
some
outcomes
here.
You
know
you
want
a
liquidity
event
at
some
point.
Are
you
seeing
any
particular
trends
in
terms
of
more
M&A
activity?
More,
you
know
public
market
activity.
C
That's
it's
a
it's
a
really
good
question:
it's
interesting:
what's
the
companies
get
at
scale,
most
of
our
CEOs
don't
publicly
describe
themselves
as
open
source
companies
because
they
want
to
operate
at
a
layer
that
conveys
more
that
they're
not
focused
as
a
tool
that
providing
value
at
a
at
a
higher
level,
and
they
also
want
to
be
again
not
something,
that's
cheaper,
but
something
that
is
future-proofed
and
better
than
what
all
the
alternatives
are
in
the
marketplace.
So
I
think
they
really
are
describing
value
and
momentum
and
aspe
and
Rita
net
retention.
C
B
G
And
I
like
the
fact
that
these
companies
aren't
necessarily
leading
with
it,
this
sort
of
development
model
open
source
right
there.
If
you're
gonna
go
public,
just
lead
with
the
metrics,
and
if
you
have
80%
gross
margin,
you're
gonna
get
valued
like
a
traditional
enterprise
software
company
and,
if
you,
you
know,
have
a
25%
margin,
you're
gonna
be
valued
as
as
something
else
I
think.
We've
certainly
seen
over
the
past
year
and
a
half
and
looking
for
the
next
year
arise
and
the
IPOs
that
are
fundamentally
open
source
companies.
G
I
think
we've
seen
a
small
uptick
in
buys
of
medium
scale,
open
source
companies
and
including
some
you
know
pretty
recent
transactions
I
think
you
know
the
rest
of
the
world
is
getting
more
comfortable.
I
do
think,
there's
still
some
holdouts
I.
Do
you
think,
there's
still
some
large
corporate
entities
that
are
still
scratching
their
head
a
little
bit
and
they're
like
we?
What
are
we
buying
like?
G
Aren't
all
the
contributors
going
to
leave
after
we
buy
them,
and
maybe
they
don't
have
the
right
culture
or
processes
in
place
to
take
advantage
of
them
and
that's
not
gone?
That
is,
that
is
certainly
declining,
and
then
you
know
the
other.
The
other
mega
trend
that
I
think
we're
seeing
is
this
this
great
concern
relative
to
the
cloud
vendors
and
no
disrespect
and
we'll
we've
Linux
out,
but
like
it's,
not
that
it's
not
the
old
world
guys,
there's
not
worried
about
like
hey
is
like
is
IBM
gonna
come
take
our
lunch?
G
A
Interesting,
what
one
of
the
questions
we
asked
earlier
in
the
week
is:
what
how
can
an
open
source
project
be
a
super
good
upstream
to
your
downstream
monetization
models
and
all
that
of
this
both
to
the
investors
end
to
the
entrepreneurs?
In
terms
of
what
do
you
really
look
for
there,
you
look
for
sourcing.
Do
you
look
for
a
huge
momentous
trend?
Are
you
looking
at
a
particular
technology
value?
What
do
you,
what
what
makes
for
a
super
good
upstream,
open
source
project
in
terms
of
that
downstream
monetization
I'll,
throw
it
to
anyone.
It.
D
A
D
D
Anything
by
the
way
that
often
shows
that,
for
my
opinion,
this
is
graded
by
putting
the
open
the
project
out
there
and
can
I
give
you
an
example
of
something
that
we
wanted
to
do
in
my
company
and
it's
one
of
my
engineer
is
basically
offer
a
hack
and
I
said
to
him.
That's
will
never
happen,
we're
putting
it
out
there.
Everybody
will
see
that.
Isn't
everyone
so
I
think
that
at
least
for
me
what
is
important.
D
E
H
I
would
add
to
that,
in
addition
to
good
code,
like
good
governance
and
I'm,
obviously
biased,
but
you
know
being
a
part
of
a
foundation
with
a
very
clear
set
of
directions
and
goals
like
I
think.
That's
part
of
the
reason
that
kubernetes
has
been
so
successful.
In
addition
to
being
like
a
very
interesting
and
innovative
technology,
it's
the
governance
around
kubernetes
and
the
way
that
Google
put
it
into
the
foundation.
B
Ahead,
sir,
you
know
one
one
point
I'd
say
is
also
about
value
innovation,
I
think
the
days
when
open-source
was
a
way
to
do
20%
of
the
price
80%
of
the
value.
You
know,
communities
is
an
example
of
a
project
which
you
know
in
some
ways
you
could
use
it
as
an
alternative,
some
existing
traditional
technologies,
but
in
many
ways
it's
actually
I,
think
Justin
said
this
right.
They
were
looking
at
this
as
a
way
to
build
better
software,
and
it
was
not
a
cheapo
VMware.
You
know
so.
B
E
Only
one
thing,
I
would
add,
is
just
making
sure
that
we
or
our
portfolio
companies
read
the
fine
print
on
the
licensing
models,
because
there's
just
so
many
different
varieties
in
how
the
licensing
models
work.
So
does
it
mean
that
if
you
use
the
open
source
project,
the
portion
of
what
you
are
using
it
for
kind
of
becomes
open
sourced
like
to
get
to
keep
that
IP
yeah?
Is
there
any
inherent
data
sharing
that
just
becomes
applicable
as
part
of
using
that
open
source?
G
And
I
think
maybe
the
simple
observation
is
sort
of
what
is
what
is
your
fundamental,
unfair
advantage
in
terms
of
how
you
take
advantage
of
this
open
source
project
like
at
the
end
of
the
day?
It
is
an
open
source
project
right,
so
anyone
can
have
a
relationship.
Is
it
like?
What
is
your
role
in
the
governance
in
the
creation
of
the
product
in
your
company's
stature
or
situation?
G
That's
gonna
actually
allow
you
to
be
one
of
the
one
to
three
companies
that
can
really
draft
off
the
project
and-
and
you
know,
I-
think
it's
great
for
various
consulting
practices
and
in
other
types
of
businesses
to
build
a
publicly
traded
company.
You
have
to
really
articulate
that
and
there's
a
lots
of
there's.
You
know
there's
how
many
kubernetes
related
companies
do.
We
actually
need,
at
the
end
of
the
day,
I
think
there's
room
for
one.
Two.
Three
do
we
need
do
we
need
30
kubernetes
companies,
yeah.
A
C
Register
go
ahead,
Gary
I'll
I
would
encourage
everybody
to
be
very
creative
about
how
to
monetize
upstream
so
certainly
opens
first
gives
you
market
leadership.
You
can
start
from
nothing
and
become
a
market
leader
pretty
quickly
and
I
think
open
source
as
a
freemium
business
model,
and
it
has.
It
also
gives
you
a
mindset
of
b2c,
which
you
have
to
automate
everything,
because
you
don't
want
people
calling
you,
because
they
aren't
paying
you.
So
you
actually
build
up
some
pretty
good
practices
to
make
yourself
operationally
very
efficient.
C
But
then
you
got
to
figure
out
how
to
monetize
and
I'll.
Just
give
you
one
example:
we
have
a
co-investment
with
excel
in
a
company
called
sona
type.
It
is
the
maven
open
source
project
for
software,
build
management,
and
it
you
know,
has
all
the
same
issues
of
competing
against
the
free
version,
but
we
recruited
in
a
CEO
that
used
to
be
the
CEO
Sourcefire
had
a
security
background
and
he
said:
hey
all
these
components
that
are
coming
for
the
last
panel.
C
All
these
components
coming
in
to
a
company
can
be
scanned
and
you
can
figure
out
what
the
pedigree
is
and
what
quality
and
the
downtube.
Also
whether
there's
known
security
flaws,
we
will
create
the
equivalent
of
a
component
firewall
for
large
banks
and
retail
company,
isn't
alike
and
and
figure
out
what
components
are
allowed
in
gold
golden
mastered
and
what
servers
what
applications
they
are
throughout
the
whole
organization
and
all
of
a
sudden.
C
Now
it
is
a
runtime,
operational,
DevOps
tech,
ops,
but
also
a
CSO
solution
that
took
it
from
the
twenty
five
KSP
to
six
figure
and
some
seven
figure
deals
so
who
would
have
thought
of
monetizing
it
for
security,
so
think
about
your
project?
Are
there
other
ways
you
can
add
value
to
an
organization
based
on
the
real
estate
you
have
in
which,
with
your
product,
offering
last.
A
D
A
Is
such
a
big
deal?
Does
this
open
source
trend
here
is
how
critical
that
is
that
to
your
talent
strategy
to
bringing
in,
and
we
did
a
little
analysis
of
some
open
source
projects.
It's
sort
of
in
mid-flight
right
now,
where
you
know
for
a
huge
group
of
projects
to
3%
of
the
developers
are
doing
70,
80
percent
of
the
code.
This
is
sort
of
you
know
your
point.
These
true.
B
So,
before
our
server
this
project,
we
had
only
packaged
existing
open
source
projects
and
delivered
up
as
a
SAS
service,
but
with
a
service
project.
It
was
extremely
well
received
and
we
had
48
right
now
was
48
active
contributors,
10
of
whom
a
10
percent
of
whom
five
of
whom
are
now
employees
of
platform
9,
and
these
are
the
only
employees
of
platform
9
who
are
not
based
out
of
sunny.
Well,
one
is
based
out
of
Taiwan
interests.
B
One
is
based
out
of
Netherlands,
was
a
PhD
student,
doing
workflow
composition,
and
so
really
good
domain
knowledge
and
expertise.
That's
directly
relevant
to
the
project
would
have
been
impossible
to
hire,
but
they
found
us
there's
no
recruiting
cars,
and
so
motivated.
So
I
think
that
it
is
a
fundamentally
different
volume.
It
come
I
think
open
source
completely
raises
the
bar
in
terms
of
the
kind
of
talent
you
can
attract
their
motivation
to
the
cause
and
the
talent
that
capability.
Yes,.
H
We've
started
hiring
people
all
over
the
world,
and
somebody
asked
me
like
why
have
you
gone
into
so
many
countries
to
hire
people
where
there
aren't
that
many
people
who
are
spectacularly
good
at
kubernetes
yet
and
it
gives
us
a
competitive
advantage
to
be
able
to
hire
them
wherever
they
are?
When
some
companies
want
you
in
office,
so
absolutely
yeah.
H
D
So
so
for
me
again,
it's
different
I
mean
Boston,
so
we
have
a
lot
of
university,
but
people
that
don't
like
start-up
they're,
much
more
kind
of
like
solid
in
the
VMware
Google
of
the
world.
So
for
for
me,
this
is
exactly
what
happened
once
we
start
open
source
of
projects
and
a
talent
come
to
us
that
before
that
they
were
and
feel
comfortable
to
do
that
once
the
project
succeeds,
people
want
to
come
and
it's
fantastic.
As
I
said,
I
see
a
huge
advantage
of
being
in
Boston,
actually
even.
G
F
It
was
pretty
hard
to
find,
and
then
you
know,
Facebook
I
would
say
when
even
farther-
and
you
know
as
much
as
there
were
individuals
within
Facebook
who
are
absolutely
passionate-
believers,
true
believers
and
open
source
and
had
the
desire
to
open
source
what
they
were
working
on
and
Facebook
has
contributed
in
many
great
projects
to
the
world.
I
have
to
say
that
the
business
motivation
for
Facebook
to
do
it
was
absolutely
hands-down
recruiting
that
that
in
in
releasing
those
projects,
we
were
able
to
build
our
engineering
brand.
F
A
F
G
You
a
last
word
I,
think
all
these
comments
are
great.
I'd
also
point
out,
like
I,
think
on
the
buy
side.
There's
also,
you
know
a
huge
desire.
A
lot
of
people
want
to
evolve
their
skillset.
They
gravitate
to
you,
know
working
with
open
source
projects
and
the
vast
majority.
The
time
that's
positive,
you
know,
maybe
to
say
something
a
little
in
nassima
and
at
some
point
some
people,
maybe
over
rotate
right
and
they're,
so
enamored
with
open
source
they're.
Like
oh
wait,
a
minute
like.
Is
this
actually
the
best
thing
to
solve
my
problems?
G
You
know
that's
more,
the
the
exception
than
the
rule,
but
it
creates
this
groundswell
of
adoption
and
then
the
you
know
the
fundamental
outcome
of
that
is
to
tie
back
something
we
talked
about
the
beginning.
It's
a
you
walk
into
the
CIO
after
the
the
you
know,
these
open
source
projects
are
here
and
like,
of
course,
I
want
to
talk
to
you,
because
you
know
it's
already
deployed
all
my
engineers
are
telling
me
all
about
it.
What
like
the
first
time,
you
you
say
hello
to
them?
F
G
E
For
us
as
well,
I
mean
it's
definitely
the
caliber
of
talent
that
we
can
attract
as
part
of
recruiting.
So
when
we
acquired
as
Gabe
and
his
entire
team
stayed
on
board,
we
got
Brendan
burns.
It
was
the
chief
architect
of
kubernetes
to
join
us.
That
was
a
big
moment
of
celebration
for
everyone
in
house,
but
keeping
and
retaining
those
people
is
incredibly
important
as
well
so
I.
H
E
Agree
that
it's
great
from
a
recruiting
standpoint
but
I,
don't
think
that
it
would
be
cheap
to
continue
to
keep
these
people
on
board
because
obviously
there's
so
many
interesting
projects,
and
so
many
interesting
companies
that
they
can
go
to.
And
how
do
you
motivate
and
retain
the
set
of
people
is
going
to
be
top
of
mind
for
any
company,
bead
startup
or
a
big
company
that
has
these
people
yeah.
A
A
To
thank
all
of
you
for
coming.
I
really
appreciate
it.
I
want
to
quick,
do
a
save
the
date
March
12th
to
14th
at
the
ritz-carlton
Half
Moon
Bay,
we're
gonna!
Do
it
again
next
year.
Thank
you.
All
we've
got
sessions
throughout
the
afternoon
enjoy
wine
country
the
Sun
came
out,
and
thanks
for
coming.